Both the seller and purchaser of a group of assets that makes up a trade or business must use Form 8594 to report such a sale. Form 8594 is a tax document required in certain business sales where the buyer acquires assets rather than stock or equity.Both the seller and purchaser of a group of assets that makes up a trade or business must use Form 8594 to report such a sale if goodwill or going concern value. â–· Attach to your income tax return. Access IRS forms, instructions and publications in electronic and print media. Did you buy or sell a business during the tax year? If so, you may need to file IRS Form 8594 with your federal tax return. Take a look at our IRS Liens page. Etchie CPA is a full service tax, accounting and business consulting firm located in Oakland, CA. Complete if the organization answered "Yes" on Form 990, Part IV, line 9, or reported an amount on Form 990, Part X, line 21.